Sri Lankan Economy Set To Expand 8% In 2013: Central Bank

4/9/2012 8:35 AM ET

The Sri Lankan economy is expected to record strong growth this year and next year, and the balance of payment is seen turning to a surplus on improved foreign exchange inflows, a central bank report said Monday.

The economy is currently estimated to grow 7.2 percent this year - revised down from the previous estimate of 8 percent - and at a higher rate of 8 percent in 2013. Further, the rate of growth is expected to accelerate to 8.3 percent in 2014 and to 8.5 percent in 2015, the bank said.

According to the central bank's revised estimates, the balance-of-payment account is expected to swing to a surplus of $1.25 billion in 2012 from last year's $1.06 billion deficit, as exports and foreign investment increase significantly. During next year and in 2014, the the surplus is expected to rise to $1.70 billion and $2.40 billion respectively.

The central bank estimates inflows from exports to grow to $11.7 billion this year, and continue to grow strongly in the next three years.

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